PEPE’s key indicator rises: A sure sign of a bull rally?

• PEPE witnessed a surge in price and Network Growth.
• Social volume was high and sentiment around the token was positive.

The past few weeks have not been kind to Pepe [PEPE], as its popularity waned compared to its contemporaries. This has resulted in massive price fluctuations around the meme coin.

However, AMBCrypto’s analysis of Santiment’s data revealed that the Network Growth for PEPE had been growing.

This suggested that new addresses were showing interest in the token, which could help it surge significantly in the future.

Source: Santiment

Whales swim towards PEPE

Another factor that could help PEPE rally would be the accumulation of whales.

According to data from Lookonchain, a large whale invested 1.26 million USD Coin [USDC] to purchase 142.96 billion PEPE tokens at a rate of $0.000008831.

This whale has engaged in seven PEPE trades over the last six months, with all of them resulting in profits, totaling $915,000.

Source: X

At press time, PEPE was trading at $0.00000868 and its price had grown by 2.75% in the last 24 hours.

After testing the $0.00000448 level on the 14th of April, the meme coin’s price showcased multiple higher highs and higher lows, indicative of a bullish trend.

Even though the price faced some volatility during this period, the overall trend remained positive.

Going forward, PEPE’s price could test the $0.00000926 level in the future before seeing another correction.

The CMF (Chaikin Money Flow) declined over the last few days and stood at -0.03 at press time, indicating that the money flowing into PEPE may have slowed down.

However, its RSI (Relative Strength Index) was at 62.55 at press time, implying that the bullish momentum around PEPE was high and hadn’t reached the overbought territory just yet.

Source: Trading View

A surge in popularity

One of the major factors that would impact PEPE’s price movement would be its social media standing. In the last few days, its Social Volume had surged.

Realistic or not, here’s PEPE’s market cap in DOGE’s terms

Its Weighted Sentiment also remained high, suggesting that the positive comments around PEPE had outnumbered the negative ones at the time of writing.

If this trend continues, the meme coin’s price may continue to rally in the near future.

Source: Santiment